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Question...

Sir, I had booked a Santro XG 2005, a second owner vehicle on 30/09/2008, at TVS sundaram and Sons at their Patny, Secunderabad showroom.The Car company manager,Mr.Amarendar arranged for a car loan from Indus Ind Bank with whom he said TVS had a tie-up.
Due to certain unavoidable circumstances,I had to cancel the booking.When I requested for a refund , Mr Amarendar said the company could pay only Rs.2000 back . He said Rs 5000 would be adjusted towards financial charges to Indus Ind Bank for verification and preparation of loan amount and the rest would be charged by TVS Sundaram.All this even when I have not touched the loan cheque or had a test drive on the car.

Answer...

The bank must have deducted the processing fee which is charged to process your loan and to check the veracity of your documents.

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Date : Dec 15, 2008

Question

Sir, I had booked a Santro XG 2005, a second owner vehicle on 30/09/2008, at TVS sundaram and Sons at their Patny, Secunderabad showroom.The Car company manager,Mr.Amarendar arranged for a car loan from Indus Ind Bank with whom he said TVS had a tie-up.
Due to certain unavoidable circumstances,I had to cancel the booking.When I requested for a refund , Mr Amarendar said the company could pay only Rs.2000 back . He said Rs 5000 would be adjusted towards financial charges to Indus Ind Bank for verification and preparation of loan amount and the rest would be charged by TVS Sundaram.All this even when I have not touched the loan cheque or had a test drive on the car.

Answer

The bank must have deducted the processing fee which is charged to process your loan and to check the veracity of your documents.